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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | December was a mixed month for the underlying managers as it was the large caps that continued rising, while a number of small and mid-cap companies having difficulties. The best performing investments were the Bronte Amalthea Fund (up 6.1%), Phoenix Opportunities Fund (up 5.6%), Cromwell Riverpark Trust (up 7.4%) and Auscap Australia Long Short Fund (up 4.0%). A significant detractor was a long/short fund (down 9.7%). At the end of December, the Fund held investments in 24 unlisted funds, representing 57% of the total portfolio. The Affluence LIC Fund accounted for 21% of the total portfolio and provided exposure to 20 LIC's. The Fund held investments in 6 other listed entities which represented 7% of the total portfolio, with the remaining 15% held in cash. |
| More Information |
